5 Ways To Get Vacation Loans

A lack of cash can prevent that, but you can take that trip now and pay for it later if you get a vacation loan. Here are five ways to get vacation loans via some of the top lenders in the business.

1. Discover

You can get a personal loan from Discover to fund your vacation with fixed rates, flexible repayment terms, and zero origination fees. Funding ranges from $2,500 to $35,000, and fixed rates range from 5.99% to 24.99% APR.

The main reason to choose Discover for your vacation loan is its flexibility with repayment. If you’re looking to finance a dream trip that’s quite costly, you can take anywhere from 36-84 months to pay it back. Beyond that, Discover also offers funding as soon as the next business day, so if you want to travel now, they can make it happen.

2. LightStream

Here is a lender that you may want to save not only for your vacation, but also for other purposes in the future. Why? Because LightStream promises “Loans for Practically Everything.”

Fund your trip with $5,000 to $100,000 from LightStream. Fixed rates range from as little as 3.49% to as high as 19.99% APR. And if you’re shopping around and find a low rate elsewhere, ask LightStream to beat it, as they offer competitive financing.

3. Marcus

Here is another popular option for vacation loans. With Marcus by Goldman Sachs, you can fund a vacation for as much as $40,000 and enjoy fixed rates for its entire life, so you don’t get shocked by any surprise charges. You can take three to six years to pay the vacation loan back, and there are no fees.

4. OneMain Financial

If peace of mind is big on your list when choosing a lender, OneMain Financial may fit your needs. It has been a trusted lender for over 100 years and offers personalized loan service in over 1,400 locations across the country. If you want to apply for a vacation loan in-person to know precisely how the process works and speak to someone face-to-face, pick OneMain Financial.

You can get a personal loan here for your vacation with funding ranging between $1,500 and $20,000. There are no prepayment fees, and the interest rates and monthly payments are fixed.

5. Affirm

Have you ever used a buy-now, pay-later service in the past? If so, Affirm offers something similar, and you can use this service to fund your vacation.

The benefits of choosing Affirm are that it is easy to use, has no hidden fees, and can result in great travel deals since the company has partnered with some of the biggest vacation brands in the business, like Expedia and Priceline.

Things To Consider Before Getting A Vacation Loan

Is getting a vacation loan a wise move? That depends on your situation, so consider these advantages and disadvantages before applying:

Advantages (check with the lender first):

• Take your trip now.
• Same-day funding in some cases.
• Cheaper interest rates than credit cards.
• Flexible loan terms.

Disadvantages:

• Some lenders charge prepayment, origination, and documentation fees.
• Increasing your debt for a non-essential item.